Bill Status of HB 3617   99th General Assembly

Short Description:  ENDOWMENT DONATION CREDIT

House Sponsors
Rep. Cynthia Soto-Robert W. Pritchard, William Davis, Tom Demmer and Joe Sosnowski

Last Action  View All Actions

DateChamber Action
  1/10/2017HouseSession Sine Die

Statutes Amended In Order of Appearance
New Act
35 ILCS 5/224 new

Synopsis As Introduced
Creates the Endow Illinois Tax Credit Act and amends the Illinois Income Tax Act. Provides that the Department of Commerce and Economic Opportunity shall award an income tax credit to taxpayers who provide an endowment gift to a permanent endowment fund. Provides that the amount of the credit shall be equal to 50% of the endowment gift. Sets forth procedures and criteria for authorizing the credits. Limits the aggregate amount of credits that may be awarded in each calendar year. Provides conditions for eligibility. Requires the Department to make an annual report concerning the credits. Provides that the credit may be carried forward for 5 years. Exempts the credit from the Act's sunset provisions. Effective immediately.

Actions 
DateChamber Action
  2/26/2015HouseFiled with the Clerk by Rep. Cynthia Soto
  2/26/2015HouseFirst Reading
  2/26/2015HouseReferred to Rules Committee
  3/6/2015HouseAdded Co-Sponsor Rep. William Davis
  3/10/2015HouseAssigned to Revenue & Finance Committee
  3/13/2015HouseTo Income Tax Subcommittee
  3/27/2015HouseRule 19(a) / Re-referred to Rules Committee
  4/24/2015HouseAdded Chief Co-Sponsor Rep. Robert W. Pritchard
  4/24/2015HouseAdded Co-Sponsor Rep. Tom Demmer
  4/29/2015HouseAdded Co-Sponsor Rep. Joe Sosnowski
  3/23/2016HouseAssigned to Revenue & Finance Committee
  3/23/2016HouseTo Income Tax Subcommittee
  4/8/2016HouseRule 19(a) / Re-referred to Rules Committee
  1/10/2017HouseSession Sine Die

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